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Farmers Branch TIRZ No. 4 board approves FY2024 financial report; increment reported at $156.9 million
Summary
The City of Farmers Branch Tax Increment Reinvestment Zone No. 4 board approved its FY2024 financial report. The report, prepared under Texas Property Code Chapter 311, shows $558,263 in city tax increments collected, $41,475 in interest earnings and an incremental value of $156,943,953.
The City of Farmers Branch Tax Increment Reinvestment Zone No. 4 board on Thursday approved its fiscal year 2024 financial report and heard a brief presentation on the zone's status.
Mark Furman, the city's TIRZ administrator, said the FY2024 reports are prepared "pursuant to Texas Property Code Chapter 311" and cover standard fields including revenues, expenditures and property values. Furman reported $558,263 in city tax increments collected for TIRZ No. 4 and $41,475 in interest and dividend earnings, for total reported revenue of $599,738. According to the ledger reviewed in the meeting, there were no expenditures recorded for the zone during the fiscal year ending Sept. 30, 2024.
Furman described TIRZ No. 4 as established in April 2022 and expiring in 2046. He said the zone's base-year total value is $350,999,061 (base year 2021) and reported the current (2024) total value at $507,943,014. Furman gave the incremental value that will generate revenue for the zone as $156,943,953; he said Dallas Central Appraisal District is the source for the property values used in the report.
The board approved the minutes from the April 2, 2024 meeting and then voted to approve the FY2024 financial report for TIRZ No. 4; both motions carried by voice vote. Furman said staff will assist with submitting the reports to the Texas Comptroller's office via the online portal.
No public commenters spoke on the item. The discussion consisted of the administrator summarizing the ledger entries and property-value figures; the board did not authorize bonds or new expenditures during the meeting.
